LEARN THE LINGO

Actuary

Business professional who analyzes probabilities of risk and risk management including calculation of premiums, dividends and other applicable insurance industry standards.

Annuity

A contract providing income for a specified period of time, or duration of life for a person or persons.

Claim - a request made by the insured for insurer remittance of payment due to loss incurred and covered under the policy agreement.

Endorsement

An amendment or rider to a policy adjusting the coverages and taking precedence over the general contract.

Fidelity

Abond or policy covering an employer's loss resulting from an employee's dishonest act (e.g., loss of cash, securities, valuables, etc.).

Health Insurance

A generic term applying to all types of insurance indemnifying or reimbursing for losses caused by bodily injury or illness including related medical expenses.

Independent Agent

A representative of multiple insurance companies who sells and services policies for records which they own and operate under the American Agency System.

Independent Contractor

An individual who is not employed for a company but instead works for themselves providing goods or services to clients for a fee

Intermediary

A person, corporation or other business entity (not licensed as a medical provider) that arranges, by contracts with physicians and other licensed medical providers, to deliver health services for a health insurer and its enrollees via a separate contract between the intermediary and the insurer.

Long-Term Care

Policies that provide coverage for not less than one year for diagnostic, preventive, therapeutic, rehabilitative, maintenance, or personal care services provided in a setting other than an acute care unit of a hospital, including policies that provide benefits for cognitive impairment or loss of functional capacity.

This includes policies providing only nursing home care, home health care, community based care, or any combination. The policy does not include coverage provided under comprehensive/major medical policies, Medicare Advantage, or for accelerated heath benefit-type products.

Policy

A written contract ratifying the legality of an insurance agreement.

Premium

Money charged for the insurance coverage reflecting expectation of loss.

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